Geothermal energy already accounts for 15% of Kenya’s electrical generation. Now the government of Africa’s largest economy wants to double this amount to 30% by 2030.

Sitting astride the African Rift Valley, Kenya is a hotbed for geothermal activity. Recently 19 bids from large international conglomerates such as GE, Mitsubishi and Toshiba were submitted to the government to build eight 100 MW power plants in the northwest of the country.

Peak demand for electricity has increased to 1,200 MW this year and is forecast to reach 15,000 MW by 2030.

The Geothermal Development Co. estimates that Kenya’s unexploited geothermal resource base includes 14 ‘high-potential’ sites with an estimated electricity output ranging between 7,000 MW and 10,000 MW and a value of $30 billion….Kenya Electricity Generation Co. is considering issuing asset-backed securities to finance exploration and development of 4,700 MW worth of geothermal power over the next 20 years.